Pie Insurance, a Washington, DC and Denver, CO-based insurtech company, closed a $127m financing round.
The round was led by Gallatin Point Capital with participation from Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group, Ltd.
The company intends to use the funds for the continued growth and expansion of its offering to small business owners and conduct strategic initiative to form and purchase licensed insurance companies.
Founded in 2017 by John Swigart, Chief Executive Officer, Pie Insurance provides workers’ compensation insurance directly to small businesses and also partners with local, regional, and national insurance agencies to provide coverage to their clients. It offers workers’ comp coverage in 34 states and the District of Columbia and will continue to expand across the nation to serve more small businesses, either directly or through their agents. The company operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group, offering A.M. Best “A-” (Excellent) rated workers’ compensation insurance.